242 



bales, we have the total consumption (Table XIII.) of 

 2,800,000 bales the same as the supply. As the stocks are 

 now much lower than last year (Table XIV.) and as they 

 were then very low, they will bear no further reduction with- 

 out a material advance in prices. On the contrary, any de- 

 cline in price would immediately permit the consumption to 

 expand, not only in France and the rest of the continent, but 

 even in England. We may expect, therefore, that the present 

 high range of prices will be maintained. 



The review that has been taken of the supply and the de- 

 mand, shows that the present advance in cotton is the result 

 of no speculative movement, but that it is based on the immu- 

 table laws of trade. The long prevalence of low prices 

 has stimulated consumption and diminished production, until 

 the stocks on hand have fallen to an extremely low limit. 

 Exactly at this point an unfavorable season has lessened the 

 crop, and an abundant harvest, and every other element of 

 general prosperity, have encouraged the demand. We con- 

 gratulate the planters on the handsome returns they are 

 receiving for their crops, and we may extend our congratula- 

 tions to the \rhole country, for what benefits them is a benefit 

 to all. 



